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Iridium is a stable metal that chemically unreactive, like platinum and gold. Iridium is the most resistant to oxidation of all metals. It can be used is as a hardening agent in alloys with Platinum and Osmium. Sometimes used in medical therapies e.g. treating prostate cancer by radiation therapy.
Iridium is rare on Earth, and although it can be concentrated by chemical processes in a sediment, an iridium spike of this magnitude must have arisen in some unusual way. Iridium is much rarer than gold on Earth, yet in the K-T boundary clay iridium is usually twice as abundant as gold, sometimes more than that.